SAEF vs SPY
Schwab Ariel Opportunities ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, SAEF or SPY?
Mid Cap Blend against Large Cap Blend.
SPY has a lower expense ratio. SAEF led over 1Y, SPY over the full window. SAEF is less concentrated, with 34.6% of the fund in its ten largest positions against 37.8%.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | SAEF | SPY |
|---|---|---|
| Expense Ratio | 0.59% | 0.09%Best |
| AUM | $19M | $804.7B |
| Dividend Yield | 0.33% | 0.98% |
| Holdings | 59 | 505 |
| Volatility (annualized) | 24.6% | 15.9%Best |
| Max Drawdown | -28.1% | -24.5%Best |
| $10,000 over 4.7 years | $9,883 | $16,956Best |
| Top 10 Weight | 34.6%Best | 37.8% |
| Fund Family | Charles Schwab Asset Management | State Street Investment Management |
| Category | Equity | Equity |
| Style | Mid Cap Blend | Large Cap Blend |
| Inception | Nov 15, 2021 | Jan 22, 1993 |
Not shown on this pair: YTD Return, 1Y Return, 3Y Return (annualized), 5Y Return (annualized).
The two price series end 63 days apart, so a return over any period would be measuring two different stretches of market. Those rows are withheld. SAEF has data through Jul 17, 2026 and SPY through Sep 18, 2026.
Volatility and max drawdown, and the $10,000 over 4.7 years row, are measured over the window both funds cover: Nov 16, 2021 to Jul 17, 2026 (4.7 years).
Risk: Volatility and Drawdowns
SAEF has been the more volatile fund, with annualized monthly volatility of 24.6% compared with 15.9% for SPY. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -28.1% for SAEF and -24.5% for SPY. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.75. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
SAEF charges 0.59% per year while SPY charges 0.09%. On a $10,000 position that is $59 vs $9 annually, a gap of $50 per year that compounds over a long holding period. On income, SAEF currently yields 0.33% against 0.98% for SPY.
Holdings Overlap
32.2% of SAEF's money is in holdings SPY also owns. 1.1% of SPY's money is in holdings SAEF also owns.
The two portfolios partly overlap.
The two holdings books were reported 154 days apart, SAEF as of Mar 31, 2026 and SPY as of Sep 1, 2026, so some of the difference between them is the time between the two reports rather than the funds.
20 positions in common, counted across the 58 positions we hold weights for in SAEF and 504 in SPY, against full books of 59 and 505.
What only one of them owns
Our book lists 477 positions for SPY that do not appear in our book for SAEF (98.3% of the fund), and 35 for SAEF that do not appear in SPY (61.8%).
Some of those will be the same company recorded under a different code in one of the two books, so the real difference in what you would own is no larger than this and may be smaller. We do not name the individual positions here for that reason.
Top Shared Holdings
| Stock | Weight in SAEF | Weight in SPY | Difference |
|---|---|---|---|
| NCLHNorwegian Cruise Line Holdings | 4.06% | 0.01% | 4.05% |
| NTRSNorthern Trust Corp. | 2.75% | 0.05% | 2.70% |
| KKRKkr & Co. Inc. Class a | 2.13% | 0.11% | 2.02% |
| CRLCharles River Laboratories International Inc | 2.20% | 0.02% | 2.18% |
| FIFiserv, Inc. (United States) | 2.15% | 0.04% | 2.11% |
| GNRCGenerac Holdings, Inc. | 2.12% | 0.02% | 2.10% |
| KEYSKeysight Technologies Inc. | 2.04% | 0.08% | 1.96% |
| ZBRAZebra Technologies Corp | 1.63% | 0.02% | 1.61% |
| FICOFair Isaac Corp. | 1.50% | 0.04% | 1.46% |
| CBRECbre Services Inc | 1.35% | 0.06% | 1.29% |
32.2% of SAEF is already inside SPY.
You probably hold more than these two. Add the rest and see how much of the whole book is the same companies twice.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, SAEF or SPY?
SAEF has an expense ratio of 0.59% while SPY charges 0.09%. SPY is the cheaper option, by $50 a year on a $10,000 investment.
Which is riskier, SAEF or SPY?
SAEF has been the more volatile fund at 24.6% annualized versus 15.9% for SPY. Worst drawdown: SAEF -28.1% vs SPY -24.5%.
Should I hold both SAEF and SPY?
SAEF and SPY have a monthly-return correlation of 0.75, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
What is the holdings overlap between SAEF and SPY?
32.2% of SAEF's money is in holdings SPY also owns. 1.1% of SPY's is in holdings SAEF also owns. They hold 20 positions in common, counted across the 58 positions we hold weights for in SAEF and 504 in SPY.
Which pays a higher dividend, SAEF or SPY?
SAEF yields 0.33% while SPY yields 0.98%, so SPY currently pays the higher dividend yield.
Is SPY better than SAEF?
SPY has a lower expense ratio. SAEF led over 1Y, SPY over the full window. SAEF is less concentrated, with 34.6% of the fund in its ten largest positions against 37.8%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.